Dow dropped 81 points to close Thursday trading at 14,537 level. I have modified my wave count slightly but the overall picture remains the same. It is whether wave (vii) is completed? I have adjusted the lower trend-line slightly lower, a new parallel line. If Dow can hold above the 14450 level, my wave count is as shown below.
If Dow continues to move lower, then it is wave (viii) in the making.
When the Bank of Japan and the US Federal Reserve are 'printing money' at a combined rate of US$170 billion a month, I think the asset bubble can be inflated further. The asset bubble will burst ultimately but not now.
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